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KSA Club Treasurer Training May 20, 2008

KSA Club Treasurer Training May 20, 2008. Agenda. Sources of Funds Reimbursement Process Funding & Reimbursement Guidelines Treasurer’s Responsibilities Club Funding Request Q&A. Sources of Funds. Where Does the Money Come From?. Pool of Club Funds.

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KSA Club Treasurer Training May 20, 2008

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  1. KSA Club Treasurer TrainingMay 20, 2008

  2. Agenda • Sources of Funds • Reimbursement Process • Funding & Reimbursement Guidelines • Treasurer’s Responsibilities • Club Funding Request • Q&A

  3. Sources of Funds

  4. Where Does the Money Come From? Pool of Club Funds General KSA funding pool for 2008 – 2009 Student activity fees Dean’s contribution Unspent club SOFO accounts Section Budgets Social Budget Revenue from events/activities KSA Committees Corporate Sponsorship Phone-a-thons

  5. KSA versus SOFO funds

  6. How Can You Get Funding? • KSA Funding • Annual budget allocation process • Form available on-line on KSA website • Club Fundraising • Club activities • Club dues • Ticket sales for specific events • Corporate Sponsorship (Jennifer Johnson / Elizabeth Orr) • Phone-a-thon (Nathalie Harris)

  7. Process Timing • Club funding document emailed to leaders • May 12th • Funding request due via email • June 1st • Final day for submitting receipts • June 4th • Assessment and allocation • June and July • 2008-2009 club budget communicated • August 8th

  8. Elements of the Funding Request Membership numbers current and expected List of co-chairs Transition checklist Budget Request Plan of events and requested funding 2007 - 2008 review Leadership plan for 1Ys and first years

  9. Transition Checklist Elements • Role assignment • Technology representative • CMC representative (certain clubs only) • Treasurer/Finance representative • Meeting attendance • Treasurer training (May 20th and in the Fall) • Club leader kick-off (Today) • CMC orientation (as required) (May 19th) • Bi-Quarterly roundtables • Additional items • Updated website • Funding guidelines • Communication guidelines • Club Handbooks and Sharepoint (as required)

  10. Club Handbooks • Maintained as a soft-copy document to allow for effective knowledge transfer between leadership and among club members • Contents: • Mission • List of expected events, including leadership transition • List of key club/industry specific resources • Club member’s guide to different roles within industry • List of industry specific recruiting tips • Link to alumni database

  11. Club Funding • A few notes… • Attendance at events such as roundtable meetings is MANDATORY! Please email if you will not be able to attend an event • Funding will be WITHHELD if the criteria are not met. School funds are a privilege, not a right • We want to work with you to make Kellogg better – this requires effort from all parties

  12. Reimbursement Process

  13. The Reimbursement Process • Club member compiles the original receipts & submits them to the Club Treasurer with an explanatory note for his/her signature • Club Treasurer reviews the receipts and fills in and signs a voucher. He/she submits the signed voucher and original receipts to the KSA VP of Finance (Fritz Buerger) OR the Kellogg SOFO rep (Deb Garcia) • KSA VP of Finance reviews the vouchers, signs the white voucher and then updates his/her records. He/she passes the voucher and receipts to the Kellogg SOFO rep

  14. The Reimbursement Process • The Kellogg SOFO rep spot checks vouchers, files a copy and delivers the vouchers and receipts to SOFO for processing • SOFO processes the vouchers, cuts checks and mails them or holds them for pick up • Kellogg SOFO rep picks up the checks, files a copy and puts the checks in student mailboxes

  15. The Reimbursement Process - Overview Original Receipt is collected by Club Treasurer Club Treasurer completes voucher and submits to KSA/SOFO KSA VP reviews voucher and signs SOFO checks voucher and submits for processing SOFO processes and cuts a check SOFO delivers check to student who incurred expense

  16. Reimbursement Voucher

  17. Reimbursement Process • SOFO reimbursements • Give to directly to Deborah Garcia (located in office 250A) • KSA reimbursements • Put in Fritz’s mailbox • It takes approximately 10 – 12 business days for the checks to be cut and delivered after Deborah processes them • This also depends on when she gets the invoice from Fritz, and a student worker to help her process all the checks (so please be patient before emailing me that you haven’t gotten a reimbursement check)

  18. Funding and Reimbursement Guidelines

  19. KSA Funding Guidelines • Must be used for activities that benefit the student body. All activities must be made available to the whole student body. • Speakers: Tangible or physical gift of reasonable value. No fees, accommodations, meals or transportation (NU rule). • Events: Entry fees for tournaments and case competitions. No transportation or lodging. • Copying: All copying must be done in Copy Center • Mailbox Stuffing: Once per quarter with cost under $100 • Clear all expenses under $400 for remainder of the quarter through VP of Finance • When in doubt, apply the “in front of the class” rule

  20. Reimbursement Guidelines • Budget and reimbursement process maintained by club treasurer / finance co-chair • Must provide correctly completed voucher signed by club treasurer and receipts/proof of payment • Receipt requirements – original, itemized, proof of payment in under 90 days • No reimbursement for Illinois Sales Tax (use NU tax-exempt letter located on club web site)

  21. Payments to Individuals • Contracts are required to pay INDIVIDUALS for services rendered • Students CANNOT sign contracts • Contracts must have: • Kellogg school administrator’s signature • Vendor signature • Individual’s social security number • Individual’s permanent address • Additional information or questions: See Kellogg SOFO Rep

  22. Treasurer’s Responsibilities

  23. Treasurer’s Responsibilities • Serve as the main financial contact between club/club members and KSA VP Finance (Fritz) and Kellogg SOFO rep (Deborah) • Sign transfer forms • Sign off on all club expenses – vouchers must have your signature • Apply for KSA funds by June 1st • Final Day for Reimbursements June 4th • Treasurers MUST maintain financial records for KSA and SOFO budgets

  24. Key Contacts • Fritz Buerger – KSA VP Finance & Business Development • Email: fbuerger2009@kellogg.northwestern.edu • Deborah Garcia – Kellogg SOFO Rep • Email: d-garcia2@kellogg.northwestern.edu • Office: 250A • Phone: 467-3525

  25. Frequently Asked Questions • What happens to my KSA funds from this year? • “Use it or lose it” by 6/1. Vouchers must be in my box by 6/4. • When is my budget due? • Budgets are due via email on 6/1. • Where can I get more vouchers? • Deborah Garcia has voucher books in her office • What if I don’t have a SOFO account? • Deborah Garcia can help you arrange for a new SOFO account • How long does it take for me to get reimbursed? • Roughly 2 weeks • Where is the club stuff located online? (NU tax letter, rules, etc) • KSA Clubs page on Serial

  26. Questions?

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